Wellington Management Group LLP Acquires 171,228 Shares of Independence Realty Trust, Inc. $IRT

Key Points

• Wellington Management Group LLP has increased its stake in Independence Realty Trust by 1.3%, now owning approximately 13.57 million shares valued at $288.10 million.
• Overall, 88.25% of Independence Realty Trust's stock is now held by institutional investors and hedge funds, indicating strong institutional interest.
• Analysts have given Independence Realty Trust an average rating of "Moderate Buy" with a consensus price target of $22.56 per share.

Wellington Management Group LLP lifted its position in Independence Realty Trust, Inc. (NYSE:IRT - Free Report) by 1.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,570,175 shares of the real estate investment trust's stock after buying an additional 171,228 shares during the quarter. Wellington Management Group LLP owned about 5.80% of Independence Realty Trust worth $288,095,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Deutsche Bank AG increased its stake in shares of Independence Realty Trust by 44.2% during the 1st quarter. Deutsche Bank AG now owns 4,876,816 shares of the real estate investment trust's stock worth $103,535,000 after purchasing an additional 1,495,132 shares during the last quarter. Bamco Inc. NY grew its holdings in Independence Realty Trust by 592.0% during the fourth quarter. Bamco Inc. NY now owns 1,711,746 shares of the real estate investment trust's stock worth $33,961,000 after purchasing an additional 1,464,400 shares during the period. Nuveen LLC acquired a new position in Independence Realty Trust during the first quarter worth approximately $29,149,000. Millennium Management LLC increased its position in Independence Realty Trust by 2,601.9% during the fourth quarter. Millennium Management LLC now owns 837,787 shares of the real estate investment trust's stock worth $16,622,000 after buying an additional 806,780 shares during the last quarter. Finally, Northern Trust Corp raised its stake in Independence Realty Trust by 28.8% in the fourth quarter. Northern Trust Corp now owns 3,551,247 shares of the real estate investment trust's stock valued at $70,457,000 after buying an additional 793,403 shares during the period. 88.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on IRT shares. UBS Group decreased their target price on Independence Realty Trust from $24.00 to $21.00 and set a "buy" rating on the stock in a report on Tuesday, July 15th. Wall Street Zen raised shares of Independence Realty Trust from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Barclays decreased their price objective on shares of Independence Realty Trust from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 12th. Compass Point upgraded shares of Independence Realty Trust from a "neutral" rating to a "buy" rating and raised their target price for the stock from $22.00 to $24.00 in a research note on Thursday, July 31st. Finally, JMP Securities reiterated a "market outperform" rating and issued a $25.00 price target on shares of Independence Realty Trust in a research note on Monday, May 5th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Independence Realty Trust currently has an average rating of "Moderate Buy" and a consensus price target of $22.56.

Independence Realty Trust Price Performance

Independence Realty Trust stock traded up $0.4890 during mid-day trading on Friday, reaching $17.6490. 2,646,607 shares of the company were exchanged, compared to its average volume of 2,814,885. The firm has a market cap of $4.13 billion, a PE ratio of 147.08, a PEG ratio of 2.44 and a beta of 0.94. The company has a fifty day simple moving average of $17.44 and a 200-day simple moving average of $18.91. Independence Realty Trust, Inc. has a 12 month low of $16.59 and a 12 month high of $22.26.

Independence Realty Trust (NYSE:IRT - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.28. Independence Realty Trust had a return on equity of 0.78% and a net margin of 4.31%.The company had revenue of $161.89 million for the quarter, compared to analyst estimates of $164.78 million. During the same period in the prior year, the firm posted $0.28 EPS. Independence Realty Trust has set its FY 2025 guidance at 1.195-1.215 EPS. Sell-side analysts anticipate that Independence Realty Trust, Inc. will post 1.19 earnings per share for the current year.

Independence Realty Trust Company Profile

Independence Realty Trust, Inc NYSE: IRT is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S. markets including Atlanta, GA, Dallas, TX, Denver, CO, Columbus, OH, Indianapolis, IN, Raleigh-Durham, NC, Oklahoma City, OK, Nashville, TN, Houston, TX, and Tampa, FL.